This year's Double 11 shopping extravaganza in China concluded on Monday with impressive consumption figures, thanks in large part to the introduction of trade-in incentives.
For the first time, e-commerce platforms incorporated trade-in programs into their festival discounts. Leading the charge, Tmall collaborated with various brands, investing a substantial 6 billion yuan ($829 million) to stimulate consumer spending. Their strategy included offering category-specific coupons and official brand discounts, making it easier for shoppers to upgrade their gadgets and household items.
Meanwhile, Pinduoduo launched a super incentive campaign targeting key categories such as mobile phones, electronics, and home appliances. This focused approach not only attracted more buyers but also encouraged higher-value purchases, further boosting overall sales during the event.
The addition of trade-in incentives has set a new standard for future Double 11 festivals, highlighting the innovative strategies e-commerce platforms are employing to enhance consumer experience and drive economic growth.
Reference(s):
Trade-in incentives boost consumption during Double 11 festival
cgtn.com
